The companies didn't announce any timelines, but Toyota could be setting the stage for future vehicle announcements, be it EVs or gas-powered cars.

Waymo and Toyota have agreed to explore a possible deal that could one day lead to a new vehicle designed for ride-hailing and even bring self-driving

Toyota Motor Corp. and Alphabet Inc.’s Waymo will explore collaboration on autonomous-driving technology, a potential boost to the Japanese carmaker’s efforts to catch up to the cutting-edge systems offered by major rivals.